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12 U.S.C. § 349 — Rediscount for intermediate credit banks of obligations given for agricultural purposes; discount of notes made pursuant to section 1031

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 349 — Rediscount for intermediate credit banks of obligations given for agricultural purposes; discount of notes made pursuant to section 1031

Any Federal reserve bank may, subject to regulations and limitations to be prescribed by the Board of Governors of the Federal Reserve System, rediscount such notes, drafts, and bills mentioned in [section 348 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section348&num=0&edition=prelim) for any Federal intermediate credit bank, except that no Federal reserve bank shall rediscount for a Federal intermediate credit bank any such note or obligation which bears the indorsement of a nonmember State bank or trust company which is eligible for membership in the Federal reserve system in accordance with subchapter VIII of this chapter. Any Federal reserve bank may also, subject to regulations and limitations to be prescribed by the Board of Governors of the Federal Reserve System, discount notes payable to and bearing the indorsement of any Federal intermediate credit bank covering loans or advances made by such bank pursuant to the provisions of section 1031 11 See References in Text note below. of this title which have maturities at the time of discount of not more than nine months, exclusive of days of grace, and which are secured by notes, drafts, or bills of exchange eligible for rediscount by Federal Reserve banks.

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Source file: Laws/federal/codes/united-states-code/title-12/section-349-rediscount-for-intermediate-credit-banks-of-obligations-given-for-agricu--3a3705b157.md
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Source location: Title 12, Chapter 3, § 349; chapter-003-federal-reserve-system.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2074 — Board of directors

Each production credit association shall elect from the voting members of such association, a board of directors of such number, for such terms, with such qualifications, and in such manner as may be required by the bylaws of the association, except that at least one member shall be elected by the other directors, which member shall not be a director, officer, employee, stockholder, or agent of a System institution.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 348 — Discount of obligations given for agricultural purposes or based upon livestock; collateral security for Federal reserve notes

Upon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice, and protest by such bank as to its own indorsement exclusively, any Federal reserve bank may, subject to regulations and limitations to be prescribed by the Board of Governors of the Federal Reserve System, discount notes, drafts, and bills of exchange issued or drawn for an agricultural purpose, or based upon livestock, and having a maturity, at the time of discount, exclusive of days of grace, not exceeding nine months, and such notes, drafts, and bills of exchange may be offered as collateral security for the issuance of Federal reserve notes under the provisions of section 16 of this Act: Provided, That notes, drafts, and bills of exchange with maturities in excess of six months shall not be eligible as a basis for the issuance of Federal reserve notes unless secured by warehouse receipts or other such negotiable documents conveying or securing title to readily marketable staple agricultural products or by chattel mortgage upon livestock which is being fattened for market.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 349 — Rediscount for intermediate credit banks

Page 130 TITLE 12—BANKS AND BANKING § 348a 1 See References in Text note below. Editorial Notes REFERENCES IN TEXT Section 16 of this Act, referred to in text, means sec- tion 16 of act Dec. 23, 1913. For classification of section 16 to this title, see Codification note set out under sec- tion 411 of this title. CODIFICATION Section is comprised of first par. of section 13A, for- merly section 13a, as added Mar. 4, 1923. Pars. 2 to 5 of section 13A are set out as sections 349 to 352 of this title, respectively. Statutory Notes and Related Subsidiaries CHANGE OF NAME Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System. § 348a. Transactions with foreign banks; super- vision of Board of Governors of the Federal Reserve System The Board of Governors of the Federal Reserve System shall exercise special supervision over all relationships and transactions of any kind entered into by any Federal reserve bank with any foreign bank or banker, or with any group of foreign banks or bankers, and all such rela- tionships and transactions shall be subject to such regulations, conditions, and limitations as the Board may prescribe. No officer or other rep- resentative of any Federal reserve bank shall conduct negotiations of any kind with the offi- cers or representatives of any foreign bank or banker without first obtaining the permission of the Board of Governors of the Federal Reserve System. The Board of Governors of the Federal Reserve System shall have the right, in its dis- cretion, to be represented in any conference or negotiations by such representative or rep- resentatives as the Board may designate. A full report of all conferences or negotiations, and all understanding

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